Ann: GENERAL: SUM: Premiere $120 Million Retireme

• Release Date: 05/11/13 11:38
• Summary: GENERAL: SUM: Premiere $120 Million Retirement Village gets Green Light
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					SUM
05/11/2013 09:38
GENERAL

REL: 0938 HRS Summerset Group Holdings Limited

GENERAL: SUM: Premiere $120 Million Retirement Village gets Green Light

NZX, ASX AND MEDIA RELEASE

NOVEMBER 5, 2013

PREMIERE $120 MILLION RETIREMENT VILLAGE GETS GREEN LIGHT

A $120 million retirement village is to be built on an unrivalled location on
Hobsonville's waterfront.

Retirement village operator Summerset has received Environment Court Approval
to build its proposed retirement village, which will be home to around 350
residents on completion.

This comes after Summerset was declined by Auckland Council earlier this year
on their resource consent application.

Summerset has worked with Council over the past few months, prior to the
Environment Court Hearing, to reach agreement on an amended design that met
both the needs of Auckland Council's vision for the area and Summerset's
retirement village proposals. This was successfully concluded in October with
all previous appellants withdrawing and the Environment Court supporting the
agreed proposal.

The 7.6 hectare village will consist of approximately 225 homes including
villas, apartments, care apartments, and a 90-bed Care Centre providing rest
home and hospital-level care. The site has 180-degree views of Waitemata
Harbour out to Herald Island. The village will be named Summerset at Monterey
Park, as it was once the site of the eponymous tourist theme park.
Construction on the village's first stage of homes including townhouses and
villas is expected to begin imminently.

The village will offer residents the full range of care from independent
living to hospital-level care. It will include extensive recreation and
medical facilities. The village will be one of Summerset's largest
developments.

Summerset CEO Norah Barlow said the company had produced a village design
that was attractive, well thought-out and would integrate well into its
surroundings.

 "This village is going to be an asset for the community and for wider
Auckland. We look forward to contributing to the growth of Hobsonville which
is on its way to becoming a vibrant part of the city," she said.

"We will be providing  a range of housing options from a premium high-end
product to smaller homes which will help meet Auckland Council's housing
needs.

"Summerset at Monterey Park will be a high quality housing option for our
older people. It will also be an asset to Auckland as it faces what many are
calling a housing crisis."

Mrs Barlow said the Summerset village supported both council and Government's
policies, which encouraged development that would help address the shortage
of housing in Auckland.

She said residents moving to the village had the potential to release up to
300 homes onto the Auckland property market.

"In our experience, many of the people moving into retirement villages are
down-sizing from three and four bedroom family homes. I believe this will
play a part in assisting Auckland's housing shortage and fulfil the council's
goal of ensuring all Aucklanders are living in secure, healthy homes they can
afford.

"Feedback from the community has been positive and enquiries have been
consistent since Summerset bought the land.

"Much of the interest has been from West Aucklanders, many of whom are
pleased a modern retirement village is being built in the area which so far
has suffered from a shortage of offering. In the past, people have had to
move to the North Shore, which is often some distance from their family and
community."

This will be Summerset's third village in Auckland. The first, in Manukau,
was completed in 2012. The second is in Warkworth and is nearing completion.
The company holds two other high quality sites in Auckland; at Ellerslie and
at Karaka.

"These developments will cement Summerset's place in Auckland, and as one of
the country's leading retirement village developers and operators," Mrs
Barlow said.

ENDS

For investor relations enquiries:

Julian Cook
Chief Financial Officer
[email protected]
04 894 7310 or 029 894 7310

For media enquiries:
Kimberley Rothwell
Communications Advisor
[email protected]
04 894 6993 or 027 601 2001
End CA:00243339 For:SUM    Type:GENERAL    Time:2013-11-05 09:38:35